6 SCOT Analysis & Summary of Needs

Strengths

Economy and Employment

• Designated Regional Growth Centre with access via road, rail, and air

• Strong indigenous business community and good business collaboration

• Solid manufacturing and professional services sector with a growing tech presence

• Strong Pharma and Med tech sectors with existing clusters

• Good agribusiness/agri-tech sector

• Attractive FDI location with 31 IDA supported companies in 2022

• •Strong tourism offering

• Relatively low unemployment rate

• Relatively low cost of doing business

• Strong Team in Sligo’s Business Improvement District and good public realm strategy

• Good business supports

6.1 SCOT Analysis

This section identifies key Strengths, Challenges, Opportunities and Threats relevant to the development of Sligo over the next seven years. It has been supplemented through feedback and comments received from the stakeholder and public consultation process conducted as part of the development of this plan.

Challenges

Economy and Employment

• Employment /Career opportunities

• Brain-drain with large numbers of young people leaving Sligo due to lack of employment opportunities

• Low employment growth in comparison to neighbouring counties

• In general Sligo’s Tourism potential is not being fully realised and more work is necessary to identify underperforming areas and measure performance

• Moderate scoring on the European Innovation scorecard21

• Sligo does not have a strong pipeline for High Potential Start-Ups

• Insufficient numbers of local SMEs and micro businesses exporting or looking to internationalise

• Lack of acknowledgement of the value of small indigenous businesses and SMEs

Opportunities

Economy and Employment

• New integrated whole county approach to promote and develop Sligo under the Sligo.ie campaign

• Further develop the tourism sector and promote Sligo as a premier destination by capitalising on unique strengths such as Yeats, and the natural environment

• Potential to become a leading example for the use of smart technology, and developing partnerships

• Opportunity to build on a new project utilising smart technology on the Eurovelo Route 1 cycle

• Capitalise on Sligo’s lower cost base for doing business

• Attract further FDI and nurture start-ups and spin-offs from current operations to increase employment opportunities

• Develop and promote coach and conference tourism

Threats

Economy and Employment

• Automation of work and skills could lead to job losses

• Brexit and COVID-19 continue to pose a threat to trade and tourism

• A lack of a coordinated approach on tourism, culture, heritage and the creative sector

• The Northern and Western Region is now a Region in Transition as per the European Commission designation

• Rural depopulation and decline and the increasing challenge that this poses to rural towns, villages and communities.

• Lack of gas network infrastructure might be a deterrent to FDI

• Failure to address commercial vacant property rate could lead to further economic decline

• Failure to adequately embrace technological change could lead to a decrease in competitiveness and losing out on FDI